Letter to the Editor
Pay it back
Published Tuesday, October 7, 2008
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To the editor:
Any bailout must be financed by the Wall Street profiteers who created this disaster, not by those of us struggling to earn a simple wage on Main Street. And that is why I am demanding, with this action page, that any bailout be financed by a nominal tax of just one-fourth of 1 percent on securities transactions, ensuring that those who speculated us into economic ruin can start to pay it back.
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Oh, there are a lot more than that! It's funny how most of them are democrats that control the house and the senate.
You two are too much!! Suuuuuure, Democrats are definitely the biggest proponents of keeping the government's thumb off the financial industry. Give me a break.
I guess it's true that bigots are usually just misinformed. Isn't it interesting that, of the last 14 years, the Repubs have held majority in the house for 12, the senate for 11, and the white house for 8. Now who has had the most opportunity to influence the current outcome?
It would be nice to see the CEO's that have become so wealthy off these bank faliures not only be tried but stripped of there wealth to pay this massive debt.
I wonder how stockholders stand for these "Golden Parachutes"
Both parties are to blame. This country got greedy period and the institutions incouraged it. barney frank somehow has gotten out of this with not even a scratch. chris dodd should be under investigation and the bush administration turned the other way.
lief and brass must not have heard Bill Clinton when he blamed Democrats for blocking new regulations that he and the Republicans were trying to pass.
They must not have heard of Dodd and Franks getting below market rate loans from the very companies they were charged with overseeing.
They did not see who were the biggest receipients of donations from the financial industry.
They thought Freddie and Fannie made Obama the number two donation recipient because he was so unfriendly to them.
They did not see the video of Maxine Waters and other Dems defending the loan industry.
Or they are ignoring the truth in order to mislead.
Actually, smap, on this rare occasion I agree with jrooster. I was responding primarily to the first (now removed) and second posts that pretend the blame lies with the Dems over the last two years and that their leader was Barney Frank. I too, believe there is plenty of blame to go around, but Frank shouldn't be the whipping horse just because he is gay.
The American voter is blame, to deny this is to lie. It's the voter that is happy and content in the current electoral process by perpetuating the procedure of voting for the lesser of the 2 evils, you accept this. If one truly wants change, and I mean truly then you must change. There is no such thing as a democrat or republican folks,merely elected individuals with self-serving interest pretending they care.
Look at Goldman Sachs, go to the Wall Street Journal and search public financial records, check out the disclosures on our elected officials, check out Hillary for example, you know Mrs Whitewater lok at all her shares of Goldman Sachs, now ask yourself who was just INSTALLED to over see Economic Stability for the US by our government? Yep a 35 year old that yep headed Goldman Sachs..
Everyone needs to understand that decisions of yesteryear might not have impact to a lot later, look at Jimmy Carter for example; his policies to use up all of OPEC oil and thwart our production and exploration, his crippling of our private oil industry with the windfall profits tax and the like.
He put many of us out of jobs back in the day, Brinkerhoff, Green, Xeter, Blackhorse, Sinbad, Diamond, Keys, Jims and thats just off the top of my head in the hi-light fields of Wyoming... Seems like that MORONs ridiculous policies just fell of the radar with all the presidents and legislators that followed him.
As for the market,if your watching it (actively involved) you'll notice they are (investor with serious coin) are still making cash by taking losses during the day and gaining in the pre and after market hours.
when you can catch a 1.00 to 3.00 spread with 10,000-30,000 shares your doing alright (you'll need a level two ticker/streamer to see it).
My advice get involved in the market, and observe the sharks, become one, when there is blood in the water you need to learn to gorge yourself.. There are a lot of good deals right now and in a year in half they will return 4-6 hundred percent. Sale means I must buy!
And finally, the politicians are the symptom, the problem is you keep electing these criminals into office..
Vote gridlock-- vote Chuck Baldwin, send a message to the beltway that we the citizens of America are finally fed up!
Put johnny politician in his place, everyone needs to vote! Just don't vote for a Dem or a Repub, vote for someone that will provide gridlock, someone that will not hastily sign a document, someone who will consort with experts and surround themselves with successful people with the concern of the people motivating them within the confines of the CONSTITUTION.
Just imagine what it would be like to see no one win! What would the talking heads say then? How would the beltway react? What if McCain or Obama won with the lowest percentage of votes in American history?
Don't you think both parties would re-visit their platform if that occurred?
It isn't going to happen though, so we will go through another 4 years of BS, just to go through groundhog day again in 2012, when we as Americans had a window of opportunity to send a real clear message to the thieves, liars, and self-serving scum in Washington in both parties.
Personally, Obama or McCain makes no difference to me both will be very dangerous, If Obama is elected he will have both house as a majority of Democrats so everything will get passed 90% of it will be bad. McCain will just decree LOL, but he has slept with every democrat in Washington under the guise of bi-partisanship as well, nothing but a RINO...
Take a stance, grow a backbone AMERICA!
Crucible,
I have no problem holding a voter in contempt if they continually vote on single topics such as abortion or gun rights while the crooks they elect ritually help themselves to the bank. Many people, especially young adults and low-income families have so much to worry about that they are effectively prevented from taking the time required to assess each candidate and issue prior to voting (if they bother). There are many factors at work here.
Chiefly among them are the influences wielded by church leaders (almost 80% of Americans identify with some christian sect). In most circumstances, they refrain from overtly endorsing a particular candidate or ballot measure, but most feel it necessary to imply how a good follower should vote on certain issues (think of Kerry being denied communion). Does this promote the church? Maybe, but mostly it provides an avenue for politicians to align themselves with a large body of influence (christian pastors in general) in order to recruit a supply of single-issue voters that enable continuation of abhorrent policy.
Second-most among them are the dominant parties themselves, who set the rules for subsequent campaigns, who can get on the ballot when and where, what questions will be asked at debates, and who can participate in debates. Guaranteed, each party thinks the way things are set up will benefit their candidate the most. Both are getting very good at this game which is reflected in the nearly 50-50 split of ideology in this country. Many of us feel we have no choice but to vote for the lesser of two evils.
Myself, I have voted for third-party presidential candidates 3 times out of 3 elections I was eligible to vote in. For each person like you who applauds my decision for its virtue, there are 20 more party members who applaud my decision for the effect it has in increasing their candidates margin. This year, I'm afraid I feel I have no choice but to vote for the lesser of two evils.
Appreciate your response Brassmonkey.
However, I must disagree with your fourth paragraph, specifically the 2nd to last sentence.
Many state that Ross Perot pulled from the GOP base, and now many unbiased analyst have challenged that. My belief is it can't be determined. I honestly believe that many democrats are just as pissed off as former republicans.
I am exposed to many traditional straight-line democratic voters in my workplace whom will not be voting for Obama and surely not McCain this election. I also understand that my workplace is not an accurate measure on how America will vote.
I do know that both empowered and protectionism parties have made America dependent on them, they believe in the adage "rob peter to pay paul to ensure pauls vote"; I know why they believe in it, simply because it works.
Brassmonkey do you know why Dogs aren't good hunters anymore? Now I am just a dumb country boy/ cowboy transplant from Wyoming but that question is very relevant.
Dogs can't hunt because it was breed out of them, they were domesticated. Whats our government doing to us that is applicable to my question?
Voting for the lesser of the two evils is no different, if you just think about my analogy.
again thanks for your response I agree with a lot of it, but nothing is free and sometimes you have to take risks to get to the other side of the mountain the grass might not be greener but until you scout it out you'll NEVER know.
I have seen anything politically green in a long time.
Your analogy reminds me of one of my favorite Hickel quotes: "We can't just let nature run wild."
But seriously, with continued development, population expansion and scientific discovery come many responsibilities. Like it or not, civilization is here, and it will be better if we embrace the future rather than resist. That doesn't necessitate a lack of a "hunting spirit" if that is the analogy you prefer. We can accept societal domestication without loss of backbone, but it requires the eternal vigilance that Jefferson emphasized. With more people living in cities and a population exceeding 300 million, we must support rigorous education and promote opportunity for young and old alike. I think the financial "crisis" is the tip of the iceberg. If we fail to take care of ourselves, there are 20 other countries that would be happy to fill the US' role on the international stage while we clean up the mess we have stepped in. This means a healthy balance of market-based competition and social programs. Will 4 (or 8) more years of Republican dominion facilitate a domestic awakening where citizens become aware of the choices they make and their consequences? I sincerely doubt it. Everyday I hear undecided people weighing candidates' talking points without a fair analysis of their positions. It will take a mole in one of the major parties to get elected on a reliable platform and publicly profess a new platform and lead people away from the 2-party quagmire we find ourselves in.
I would just like to remind everyone... it was the Republicans that didn't want this Bailout to pass. It was the Republicans who were argueing about this bill and it's details.
It was the DEMOCRATS who passed this bill through Congress. So, all of those who are unhappy about what has happened here, call the Democratic Convention and start asking questions.
The "bailout" was essentially drafted as a cooperative project between the Treasury Dept and the Executive branch and introduced to the House. Blame the Dems if you want, but many of them also were against it and eventually enough republicans were bought to overcome the opposition to pass the bill. The president signed it the same day it passed. I suspect the haste was partially the result of intense pressure by lobbyists, the administration, and a lack of complete comprehension of the bill (like the Patriot act). But it's still just a bandaid.
What brought us to this point is more important. Before you go defending Repubs with talking points about how they got shouted down when trying to regulate Fanny and Freddie in 2005, realize these are not the institutions that were recklessly originating sub-prime loans. Corporate greed all around is the real culprit, from speculators to realtors to bankers to lending companies (not to be confused with banks) and all points in between.
Brassmonkey, glad we could agree on something. I will work on my manners in the future.
I for one would like to see the republicans and democrats disappear as the two major parties. It is impossible for a third party candidate to get elected. In fact, the repubs and dems insure that. Lots of great people with great ideas are never heard in the current set-up we have. It is time we get new blood into the system. To do that, we must vote out the old guard and let the new breed have a chance to do their thing. (they can't do any worse).
Twingirl-
You may want to research President Bushs strained relationship with Mr. Greenspan. Mr. Greenspan was pressured many times (even though he doesn't work for Bush)to continue with the ruse...
Jroosterdude-
You don't have to win a war to change an outcome that might sound silly at first but it's true. You can put all the new republican and democratic blood you want in elected office, they may go there with good intentions at first, but they are soon corrupted by those with tenure one who are still left standing after decades upon decades of service in the Senate and Congress.
There's much that needs to be done in-order to protect the citizens of our country, I am not talking about the government providing our for our National security, I am talking about protecting us from our government. This isn't just federal either, take a look at Katrina and Naglin.
I say kick them all out. Vote independent. They are nothing but a bunch of thieves. If you keep voting them in again things will never get any better. I had enough of them. My paycheck keeps getting smaller and smaller.
The speculator’s greed goes all the way down to the homeowner who borrowed more than he could afford assuming the value of his property would rise quickly and he could flip it or refinance at a lower rate using equity as a down payment.
And the Dems did put pressure on Fannie and Freddie to back risky loans to low income people, their constituency. These loans were made through banks and backed by Fred and Fan. Bush also liked to crow about how many new homeowners there were.
I don’t think we should bail anyone out. Let the system sort it’s self out. If the feds do buy up assets they should be bought at current market value. Not what they were valued at before the crash.
Well folks, here we go. Now we are paying $440,000 for AIG's fun at a fancy resort with a spa and golf to boot. This right after our great leaders gave them 85 billion dollars of our money to bail their ass out. And if they fire these executives they will get 5 years severance pay. This is outrageous, they should get nothing but be prosecuted to the full extent. It is obvious this bailout is not going to work. I feel the people have had their face rubbed in the dirt by AIG, and many more to come. This is only the beginning, God help us all.
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